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Conservative plans to crackdown on pension cowboys by creating a so-called 'Philip Green law' have been slammed by pension experts, with the president of the Society of Pension Professionals calling it a "shocking misjudgment of the reality."

Company bosses who "deliberately or recklessly" risk the ability of a pension scheme to meet its obligations could be charged with a criminal offence, the party's manifesto said, adding that they would also hand the Pensions Regulator fresh powers to issue fines.